"America’s massive debt will doom us.
That’s common wisdom, but wrong.
In Manhattan, a giant clock displays not only the total – almost $23 trillion for now – but your share, ticking up every second.Pundits say it's trouble.
T...he $23 trillion total seems jaw-dropping but says little about what really matters: How readily Uncle Sam can pay the piper.
...The federal government itself owns more than a quarter of U.S. debt, money the government essentially owes itself. It’s an accounting entry.
...Government solvency isn’t about paying off debt.
It’s about affording interest payments and rolling over maturing bonds.
Currently, annual U.S. interest payments represent just 9.8% of tax revenues, lower than any time in the 1980s and 1990s, when they peaked at 18.4%.
If debt didn’t doom us then, why would it now?...
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